China unveils guideline to accelerate improving socialist market economy in new era
Updated: May 19, 2020 07:45 Xinhua

BEIJING — China issued a guideline on May 18 to accelerate the improvement of its socialist market economy in the new era to build a high-level socialist market economy that is more systematic, mature and well-shaped.

China will uphold and improve the basic socialist economic system of keeping public ownership as the mainstay and allowing multiple forms of ownership to develop together, the guideline said.

The guideline stressed minimizing the government's direct allocation of market resources and direct intervention in microeconomic activities.

China will unswervingly expand opening-up, draw on the experience of other mature market economy systems and achievements of other civilizations, and accelerate efforts to align domestic systems and rules with international ones, it said.

The country will improve the market, policies, rule of law and social environment for supporting the development of private businesses and foreign-invested enterprises, it said.

Equal treatment should be given to firms of various types of ownership in obtaining production factors, access permission, operation, government procurement and bidding, the guideline said.

Meanwhile, detailed rules and specific measures should be improved to facilitate non-public sectors to enter fields of electricity, oil and gas, while market access in the service sector should be substantially relaxed, it said.

Efforts should be made to fully improve the property rights system, accelerate the establishment of a punitive compensation system in intellectual property rights infringement and strengthen the protection of business secrets, the guideline said.

The country will fully implement the negative list system of market access and fair competition review system, it said.

China will further stimulate creativity and market vitality of society as a whole, with measures including deepening the reform of the household registration system and loosening restrictions on settling in cities except for certain megacities, it said.

Other measures include improving the mechanism whereby prices are mainly determined by the market and minimizing improper government intervention in price formation.

The guideline stressed building a more open mechanism for international talent exchange and cooperation.

It also urged a long-term mechanism to crack down on fake and inferior commodities.

The guideline vowed to promote innovation in government management and service methods and improve the macroeconomic governance system.

China will accelerate the establishment of a modern fiscal and taxation system, it said.

More should be done to uphold and improve the system for ensuring people's wellbeing and promote social equity and justice, the guideline said.

In terms of opening-up, China will build a new pattern of opening-up, with the focus on the construction of the Belt and Road, and accelerate the development of pilot free trade zones and free trade ports, it said.

The guideline stressed expanding imports of goods and services on a large scale, reducing the overall tariff level and eliminating non-tariff trade barriers.

Restrictions on foreign investment outside the negative list will be lifted completely, it said.

China will actively participate in the reform of the global economic governance system, the guideline said.

The country will improve the legal system for the socialist market economy and strengthen the rule of law, it said.

The guideline stressed efforts to uphold and strengthen the Party's overall leadership to ensure the effective implementation of the reform measures.

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